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Friday, 26 June 20
WHAT TODAY'S BAILOUTS CAN DO FOR TOMORROW'S ECONOMIES - WORLD ECONOMIC FORUM
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The COVID-19 crisis provides an opportunity for governments to build fairer, more sustainable and more resilient economies.
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Governments are leveraging bailouts to encourage more responsible business practices, save jobs, address inequality and climate change, and build long-term resilience.
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The next wave of rescue measures should go further in implementing bold, forward-looking reforms.
Last year, the World Economic Forum’s annual Global Competitiveness Report assessed 141 governments’ future-readiness and found that most rated poorly on this and other crucial long-term indicators.
Yet now that the pandemic-induced lockdown is wreaking havoc on the global economy and exposing the inadequacies of many institutions, an era of bigger – and perhaps bolder – government has arrived.
Already, an estimated $9 trillion has been pumped into the global economy to support households, stem job losses and keep businesses afloat. Now that some countries are beginning to emerge from lockdowns, their leaders have a unique opportunity to reshape the economy to provide better, greener and more equitable outcomes for all.
The crisis offers an opportunity for what the World Economic Forum has deemed the “Great Reset,” starting not at some point in the distant future but right now. Building on the lessons learned during the 2008 financial crisis and its aftermath, many governments are attaching a range of meaningful conditions to bailouts and other rescue measures. The short-term assistance being provided today can and should be leveraged to encourage more responsible business practices, save jobs, address inequality and climate change, and build long-term resilience against future shocks.
For example, owing to concerns about rising inequality and pressures on public budgets, France, Denmark and Poland have denied government support to companies with headquarters in tax havens outside of Europe. And the United Kingdom has banned dividend payments and restricted bonuses in companies accessing its loan scheme.
Governments are also attempting to safeguard jobs by providing incentives for companies to maintain employment levels. US companies accessing Coronavirus Aid, Relief and Economic Security Act funds must maintain at least 90% of their pre-pandemic employment levels until September 30. Japan has applied similar conditions in extending its employee-retention assistance to both small and medium-size enterprises and large corporations. And Russia has introduced wage subsidies for companies that retain at least 90% of their workforce. Meanwhile, Italy is implementing a temporary blanket ban on dismissals, not limited to companies accessing government funds. While it remains to be seen whether these temporary restrictions will be effective at maintaining employment after they are lifted, they are providing a cushion – and a “fighting chance” – to workers in the midst of this unprecedented crisis and ahead of a future recovery.
Even in deeply distressed sectors, rescue measures are being designed to emphasize social and environmental responsibility and encourage more long-term thinking. For example, now that the airline industry is facing a demand shock as a result of global travel restrictions, its pre-crisis business practices have come under scrutiny.
Over the past decade, the largest airlines in the United States spent 96% of their free cash flow on share buybacks, nearly double the rate of other S&P 500 companies. Now, cash-strapped airlines wishing to access governments funds must not only cease stock buybacks and dividend payments until the end of 2021; they must also agree not to use involuntary furloughs or reduce pay rates until September 30. Likewise, the French government has attached “green strings” to its €7 billion ($7.9 billion) bailout of Air France-KLM, requiring the airline to commit to halving its carbon dioxide emissions (per passenger and per kilometer), relative to their 2005 level, by 2030.
These instances of embedding long-term thinking into short-term measures are clearly steps in the right direction. But, given the sheer scale of fiscal support being provided and rising concerns about inequality, climate change, unemployment and public debt, the next wave of recovery measures should go even further.
Here, the European Commission’s Next Generation EU crisis fund should be taken as a model for others to follow. With €750 billion ($845 billion) in grants and loans, it promises to usher in a fair and inclusive recovery by accelerating the transition to a green digital economy. Its basic conditions would help European countries shift away from declining heavy industries while supporting vulnerable workers. But whether all EU member states will get on board remains to be seen.
The pandemic has thrust governments into a more proactive role than anyone would have imagined just a few months ago. As we move beyond the immediate health crisis, policymakers must seize the opportunity to implement bold, forward-looking reforms. That includes redesigning social contracts, providing adequate safety nets, cultivating the skills and jobs that the future economy will need, and improving the distribution of risk and return between the public, the state and the private sector.
But while governments must assume a leadership role, shaping the recovery and charting a new course for growth will require greater collaboration between businesses, public and government institutions and workers. For the Great Reset to succeed, all stakeholders must have a hand in it.
By now, it should be obvious that we cannot go back to a system that benefited the few at the expense of the many. Forced to manage short-term pressures and confront long-term uncertainties at the same time, leaders find themselves at a historic crossroads. Governments’ new clout gives them the means to start building fairer, more sustainable and more resilient economies.
Source:World Economic Forum
Written by
Saadia Zahidi, Managing Director, World Economic Forum
This article is published in collaboration with Project Syndicate. The views expressed in this article are those of the author alone and not the World Economic Forum.
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Wednesday, 17 August 22
CHINA'S COAL-RICH SHANXI MAKES STRIDES IN HIGH-QUALITY DEVELOPMENT - XINHUA
Shanxi, a major coal-producing province in north China, has made continuous advances in high-quality development over the past decade, according to ...
Wednesday, 17 August 22
PAXOCEAN, HONG LAM MARINE AND BUREAU VERITAS SIGN MOU TO DEVELOP AMMONIA BUNKER VESSEL DESIGN - BUREAU VERITAS
PaxOcean Engineering Pte. Ltd. has signed a Memorandum of Understanding (MOU) with Singapore-based bunker vessel operator Hong Lam Marine and class ...
Wednesday, 17 August 22
GOODFUELSS ASIA-PACIFIC BRANCH KICKSTARTS SUSTAINABLE BIOFUEL DELIVERIES WITH NYK AS FIRST CLIENT - GOOD FUELS
GoodFuels, the leading biofuels pioneer for the global transport industry, has today announced that it has successfully supplied sustainable marine ...
Tuesday, 16 August 22
EU BAN ON RUSSIAN COAL IMPORTS COMES INTO FORCE - DEUTSCHE WELLE
The European Union banned Russian coal imports in response to the invasion of Ukraine as part of sanctions in April. Since then, it’s been sc ...
Thursday, 11 August 22
MARKET INSIGHT - INTERMODAL
On July 22nd, Ukraine signed a deal with Russia to release 22mn tons of grain from Ukraine’s 3 major ports (Yuzhny, Chornomorsk, Odesa). Such ...
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- Oldendorff Carriers - Singapore
- Indika Energy - Indonesia
- Deloitte Consulting - India
- Parry Sugars Refinery, India
- Anglo American - United Kingdom
- Bahari Cakrawala Sebuku - Indonesia
- Energy Link Ltd, New Zealand
- Rio Tinto Coal - Australia
- Independent Power Producers Association of India
- The Treasury - Australian Government
- Ministry of Transport, Egypt
- San Jose City I Power Corp, Philippines
- Parliament of New Zealand
- SMG Consultants - Indonesia
- Aboitiz Power Corporation - Philippines
- Bangladesh Power Developement Board
- PetroVietnam Power Coal Import and Supply Company
- Bhushan Steel Limited - India
- Simpson Spence & Young - Indonesia
- Baramulti Group, Indonesia
- IHS Mccloskey Coal Group - USA
- Neyveli Lignite Corporation Ltd, - India
- Sojitz Corporation - Japan
- Thai Mozambique Logistica
- Africa Commodities Group - South Africa
- Formosa Plastics Group - Taiwan
- Star Paper Mills Limited - India
- Ceylon Electricity Board - Sri Lanka
- White Energy Company Limited
- Kumho Petrochemical, South Korea
- Orica Mining Services - Indonesia
- Kaltim Prima Coal - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Holcim Trading Pte Ltd - Singapore
- Sarangani Energy Corporation, Philippines
- Wilmar Investment Holdings
- Thiess Contractors Indonesia
- Grasim Industreis Ltd - India
- Siam City Cement PLC, Thailand
- The State Trading Corporation of India Ltd
- Indian Oil Corporation Limited
- Bukit Asam (Persero) Tbk - Indonesia
- Romanian Commodities Exchange
- Jindal Steel & Power Ltd - India
- Binh Thuan Hamico - Vietnam
- India Bulls Power Limited - India
- Vedanta Resources Plc - India
- Madhucon Powers Ltd - India
- Cement Manufacturers Association - India
- Eastern Coal Council - USA
- Videocon Industries ltd - India
- Indogreen Group - Indonesia
- Ambuja Cements Ltd - India
- Standard Chartered Bank - UAE
- Maheswari Brothers Coal Limited - India
- Planning Commission, India
- Carbofer General Trading SA - India
- Ministry of Mines - Canada
- Timah Investasi Mineral - Indoneisa
- GAC Shipping (India) Pvt Ltd
- Wood Mackenzie - Singapore
- Agrawal Coal Company - India
- Semirara Mining and Power Corporation, Philippines
- Bulk Trading Sa - Switzerland
- Therma Luzon, Inc, Philippines
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Altura Mining Limited, Indonesia
- Sinarmas Energy and Mining - Indonesia
- Mjunction Services Limited - India
- Electricity Generating Authority of Thailand
- Eastern Energy - Thailand
- Vizag Seaport Private Limited - India
- Directorate General of MIneral and Coal - Indonesia
- Bharathi Cement Corporation - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Kobexindo Tractors - Indoneisa
- Aditya Birla Group - India
- Leighton Contractors Pty Ltd - Australia
- Tata Chemicals Ltd - India
- LBH Netherlands Bv - Netherlands
- Bukit Makmur.PT - Indonesia
- Pendopo Energi Batubara - Indonesia
- ASAPP Information Group - India
- Rashtriya Ispat Nigam Limited - India
- Essar Steel Hazira Ltd - India
- Pipit Mutiara Jaya. PT, Indonesia
- Barasentosa Lestari - Indonesia
- Chettinad Cement Corporation Ltd - India
- Goldman Sachs - Singapore
- International Coal Ventures Pvt Ltd - India
- Sical Logistics Limited - India
- Lanco Infratech Ltd - India
- Port Waratah Coal Services - Australia
- Economic Council, Georgia
- Vijayanagar Sugar Pvt Ltd - India
- Sakthi Sugars Limited - India
- Ind-Barath Power Infra Limited - India
- Banpu Public Company Limited - Thailand
- CNBM International Corporation - China
- Renaissance Capital - South Africa
- Merrill Lynch Commodities Europe
- GVK Power & Infra Limited - India
- GMR Energy Limited - India
- European Bulk Services B.V. - Netherlands
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Semirara Mining Corp, Philippines
- Bank of Tokyo Mitsubishi UFJ Ltd
- Gujarat Sidhee Cement - India
- Global Business Power Corporation, Philippines
- New Zealand Coal & Carbon
- Kepco SPC Power Corporation, Philippines
- Australian Commodity Traders Exchange
- Larsen & Toubro Limited - India
- Indian Energy Exchange, India
- Toyota Tsusho Corporation, Japan
- Meralco Power Generation, Philippines
- Tamil Nadu electricity Board
- South Luzon Thermal Energy Corporation
- Kideco Jaya Agung - Indonesia
- ICICI Bank Limited - India
- Indonesian Coal Mining Association
- Maharashtra Electricity Regulatory Commission - India
- TeaM Sual Corporation - Philippines
- Gujarat Mineral Development Corp Ltd - India
- Bhatia International Limited - India
- Directorate Of Revenue Intelligence - India
- VISA Power Limited - India
- PowerSource Philippines DevCo
- Minerals Council of Australia
- Karaikal Port Pvt Ltd - India
- IEA Clean Coal Centre - UK
- Uttam Galva Steels Limited - India
- SN Aboitiz Power Inc, Philippines
- Australian Coal Association
- Heidelberg Cement - Germany
- Asmin Koalindo Tuhup - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Posco Energy - South Korea
- Intertek Mineral Services - Indonesia
- Meenaskhi Energy Private Limited - India
- Latin American Coal - Colombia
- Sindya Power Generating Company Private Ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Bayan Resources Tbk. - Indonesia
- Singapore Mercantile Exchange
- Jorong Barutama Greston.PT - Indonesia
- Orica Australia Pty. Ltd.
- Coal and Oil Company - UAE
- Straits Asia Resources Limited - Singapore
- Petrochimia International Co. Ltd.- Taiwan
- Indo Tambangraya Megah - Indonesia
- Siam City Cement - Thailand
- MS Steel International - UAE
- Coastal Gujarat Power Limited - India
- London Commodity Brokers - England
- McConnell Dowell - Australia
- Ministry of Finance - Indonesia
- OPG Power Generation Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Global Coal Blending Company Limited - Australia
- Mercator Lines Limited - India
- Electricity Authority, New Zealand
- Central Electricity Authority - India
- Xindia Steels Limited - India
- Miang Besar Coal Terminal - Indonesia
- AsiaOL BioFuels Corp., Philippines
- The University of Queensland
- Commonwealth Bank - Australia
- Chamber of Mines of South Africa
- Karbindo Abesyapradhi - Indoneisa
- Interocean Group of Companies - India
- Bukit Baiduri Energy - Indonesia
- Coalindo Energy - Indonesia
- Mintek Dendrill Indonesia
- Petron Corporation, Philippines
- Sree Jayajothi Cements Limited - India
- Krishnapatnam Port Company Ltd. - India
- Kapuas Tunggal Persada - Indonesia
- Malabar Cements Ltd - India
- Savvy Resources Ltd - HongKong
- SMC Global Power, Philippines
- Central Java Power - Indonesia
- Gujarat Electricity Regulatory Commission - India
- Billiton Holdings Pty Ltd - Australia
- Cigading International Bulk Terminal - Indonesia
- Jaiprakash Power Ventures ltd
- Georgia Ports Authority, United States
- Metalloyd Limited - United Kingdom
- Globalindo Alam Lestari - Indonesia
- PNOC Exploration Corporation - Philippines
- Iligan Light & Power Inc, Philippines
- Samtan Co., Ltd - South Korea
- Manunggal Multi Energi - Indonesia
- Attock Cement Pakistan Limited
- Marubeni Corporation - India
- Riau Bara Harum - Indonesia
- Medco Energi Mining Internasional
- Makarim & Taira - Indonesia
- Salva Resources Pvt Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Kartika Selabumi Mining - Indonesia
- Borneo Indobara - Indonesia
- Trasteel International SA, Italy
- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Alfred C Toepfer International GmbH - Germany
- Kalimantan Lumbung Energi - Indonesia
- Global Green Power PLC Corporation, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Energy Development Corp, Philippines
- CIMB Investment Bank - Malaysia
- Antam Resourcindo - Indonesia
- PTC India Limited - India
- Bhoruka Overseas - Indonesia
- Edison Trading Spa - Italy
- Dalmia Cement Bharat India
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